In the new Hotmail you must "Mark sender as safe" to enable hyperlinks even in text emails and images in HTML emails.
Entering the email contact in the address book or contacts no longer whitelists the sender

Because of the various email platforms that can work with Outlook, it is tricky to tell you how to receive all email to your Outlook inbox. We can tell you; however, how to make sure you can see all the emails you receive as they were intended to be seen - with images. If a company or sender is not in your address book or "Safe Sender" list, your HTML images will not display.

If you do not see an email from a sender in your inbox, due to the overzealous filtering by ISPs my email may have mistakenly been sent to your spam folder. Please open your spam folder look for it there, open it and mark it as "not spam"...

If you do not see an email from a sender in your Gmail inbox, due to the overzealous filtering by ISPs my email may have mistakenly been sent to your spam folder. Please open your spam folder look for it there, open it and mark it as "not spam"...